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Acquisitions

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AcquisitionsHealthcareLife SciencesTexas

Zeller Acquires 276,770 SF Biotech Facility in Metro Houston

by Taylor Williams

PEARLAND, TEXAS — Zeller Realty Group, a Chicago-based development and investment firm, has acquired a 276,770-square-foot biotechnology facility in Pearland, a southern suburb of Houston. Completed in 2017, the facility is located approximately eight miles south of The Texas Medical Center. The property was fully leased at the time of sale to Lonza America Inc., a Houston-based subsidiary of Swiss pharmaceutical company Lonza Group AG. Jeff Hollinden and Cameron Cureton of HFF represented the buyer and the seller, Pinchal & Co., in the sale and arranged acquisition financing through Bank of Texas.

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Hidden-Lakes-Apartments-Fort-Worth-Texas
AcquisitionsMultifamilyTexas

IPA Brokers Sale of 312-Unit Apartment Community in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hidden Lakes Apartments, a 312-unit multifamily community in Fort Worth. Built in 1996, the property features one-, two- and three-bedroom units and amenities such as a pool, game room, an outdoor spa and a fitness center. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, New York-based Beachwold Residential, and procured the buyer, Texas-based CAF Capital Partners.

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AcquisitionsMixed-UseTexas

Weitzman Arranges Sale of Five-Story Mixed-Use Building in Downtown Dallas

by Taylor Williams

DALLAS — Weitzman has arranged the sale of a five-story mixed-use building located at 711 Elm St. in the West End area of downtown Dallas. Built in 1925 and renovated in 1990, the property comprises a four-level, 137-space parking deck and 7,200 square feet of street-level retail space. Matthew Rosenfeld, Mike Allen and Kevin Butkus of Weitzman represented the seller, a Dallas-based limited partnership, in the transaction. The buyer was a local investment group. Both parties requested anonymity.  

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AcquisitionsHospitalityNew YorkNortheast

Lightstone Acquires Hilton Garden Inn in Queens for $60M

by David Cohen

NEW YORK CITY — Lightstone, a national real estate investor and developer, has acquired the 183-room Hilton Garden Inn in Long Island City, Queens for $60 million. The hotel is located at 29-21 41st Ave. Lightstone plans to continue operation of the hotel, which was constructed in 2015, as a Hilton Garden Inn for the immediate future. The developer opened the 612-room Moxy Times Square hotel in fall 2017 and plans to open the 37-story, 349-room Moxy Chelsea hotel this fall. The acquisition of the Hilton Garden Inn is a joint venture between Lightstone’s REIT II and REIT III.

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AcquisitionsNew YorkNortheastRetail

Marcus & Millichap Brokers $16M Sale of Retail Property in Queens

by David Cohen

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 10,001-square-foot retail property in the Jackson Heights neighborhood of Queens. The property, which is located at 74-12 to 74-24 37th Ave., sold for $16 million or $1,600 per square foot. The buyer was the estate of Fazlur Khan. Dana Newton, Donovan Mackey and Scott Plasky of Marcus & Millichap represented the seller, Chui King Yee in the transaction. Nineteen offers were received on the property, according to Newton. The property was fully occupied with long-term tenants at the time of the sale.

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AcquisitionsHospitalityNew YorkNortheast

Muroff Daigle Hospitality Negotiates $3.6M Sale of Landmark Motor Inn in Saratoga

by David Cohen

GLENS FALLS, N.Y. — Muroff Daigle Hospitality Group has negotiated the sale of The Landmark Motor Inn, located in Glens Falls, for $3.6 million. Glens Falls is approximately 14 miles north of Saratoga Springs. The seller was John Naja of Landmark Motor Lodge Corp., who had owned the property for more than 43 years. The buyer was Nadeem Lodging Corp. Glens Falls National Bank and the U.S. Small Business Administration provided financing for the project. The Landmark Motor Inn contains 77 updated guestrooms as well as two pools and a fitness center. Muroff Daigle and Vanguard–Fine LLC brokered the transaction.

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AcquisitionsFloridaIndustrialSoutheast

Colony Industrial Acquires 1.3 MSF Industrial Park in Jacksonville for $77.5M

by Camren Skelton

JACKSONVILLE, FLA. — Colony Industrial, an affiliate of Colony NorthStar, has acquired Westside Industrial Park in Jacksonville for $77.5 million. The 1.3 million-square-foot park, located at 4601 and 4910 Bulls Bay Highway, includes four Class A industrial buildings. The Jacksonville Business Journal reports Pattillo Industrial Real Estate sold the portfolio, which was 99.8 percent leased at the time of sale to nine tenants. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the seller. The acquisition marks Colony Industrial’s fourth investment in the Jacksonville market over the last nine months.

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AcquisitionsIndustrialKentuckySoutheast

Phoenix Investors Buys Eight-Property Industrial Portfolio in Kentucky for $9.3M

by Camren Skelton

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investors have acquired an eight-property industrial portfolio located throughout Kentucky for $9.3 million. The properties total 831,000 square feet and are located in Morehead, Carrollton, Danville, Maysville and Mount Sterling. Affiliates of Pope Cos. sold the properties, which were constructed between 1989 and 2004. The new owners plan to renovate the portfolio, which was 63 percent leased at the time of sale, and find new tenants for the vacant space. Bryan Flaherty of CBRE arranged the sale, and Walker & Dunlop Commercial Property Funding LLC provided financing.

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AcquisitionsIllinoisIndustrialMidwest

Plymouth Industrial REIT Buys Two Industrial Buildings in Chicago Area for $15.7M

by Kristin Harlow

ELGIN AND ARLINGTON HEIGHTS, ILL. — Plymouth Industrial REIT Inc. has acquired two Class B industrial buildings in the Chicago area for $15.7 million. One of the properties is a 236,736-square-foot building located at 1600 Fleetwood Drive in Elgin. Stamar Packaging fully occupies the asset. The other property, 3 West College Drive in Arlington Heights, is 100 percent leased to Arrow Up, a provider of containerized bins for the oil fracking industry. Midwest Industrial Funds was the seller.

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AcquisitionsHospitalityMidwestNebraska

Scarlett Hotel Group Acquires 113-Room Hotel in Downtown Omaha

by Kristin Harlow

OMAHA, NEB. — Scarlett Hotel Group has acquired the Marriott Fairfield Inn & Suites Downtown Omaha for an undisclosed price. The 113-room hotel is located at 1501 Nicholas St. near the TD Ameritrade Stadium and CenturyLink Convention Center and Arena. The four-story property recently underwent a renovation to upgrade all public spaces, including a completely revamped lobby and guest rooms. The seller was not disclosed.

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